VANCOUVER, British Columbia--(BUSINESS WIRE)--European Uranium Resources Ltd. (the "Corporation") (TSXV: EUU) has
signed a share purchase agreement (“SPA”) that supersedes a binding
heads of agreement signed and announced on April 4, 2014. The SPA
relates to the sale of the Corporation’s Kuriskova and Novoveska Huta,
Slovakia uranium projects to Forte Energy NL (“Forte”) (ASX/AIM: FTE).

This sale represents the sale of the Corporation’s only remaining
mineral projects. The Corporation intends to investigate mineral
projects to option or acquire in multiple commodities in the general
European area. On completing this transaction, the Corporation will have
its initial funding to implement its business plan.

The SPA is subject to regulatory approval and the approval of the
shareholders of both the Corporation and Forte. The terms of the
agreement require that:

1. Forte will issue 915,937,500 fully paid ordinary shares (the
“Consideration Shares”), which on April 4, 2014, had an approximate
value of $7,500,000;

2. Forte will pay the Corporation $1,000,000 on closing; and

3. Forte will grant Corporation a 1% production royalty over the
Kuriskova and Novoveska Huta uranium licenses in perpetuity.

On April 4, 2014, the sale price was equivalent to approximately $8.5
million before assigning value to the production royalty. The market
capitalization of the Corporation’s stock at the time its stock was
halted in early December 2013 was $6.3 million. The sale price
represented a premium approaching 35%.

The heads of agreement and the Corporation’s announcement on April 4,
2014, contemplated that the Corporation would distribute on a pro-rata
basis to the shareholders of the Corporation 854,875,000 of the
Consideration Shares.

The SPA now contemplates that the Consideration Shares will be issued to
the Corporation in installments in order to avoid a breach of the
Australia Takeovers Prohibition, which prohibits, among other things and
subject to certain exceptions, the acquisition of a relevant interest in
issued voting shares in a corporation in a transaction which would
result in a person acquiring more than 20% of the voting shares of the
corporation or increases a person's holding of voting shares from above
20% to an amount that is less than 90%.

At closing of the SPA, the Corporation will receive the number of the
Consideration Shares that would result in the Corporation holding
approximately 19.9% of the Forte common shares outstanding immediately
following the closing (the "Initial Consideration Shares"), with the
balance of the Consideration Shares (such balance, from time to time,
the "Deferred Consideration Shares"), to be issued over time, and from
time to time.

In addition to the Australia Takeovers Prohibition, it became apparent
that while an exemption from prospectus was available to distribute the
Consideration Shares to the Corporation’s shareholders there was not an
available exemption for those shareholders to be able to then sell the
Consideration Shares if they chose to do so.

For these reasons, the Corporation will instead receive and retain the
Consideration Shares and will not be distributing them it is
shareholders. The Corporation may sell some of its Consideration Shares
from time to time to fund its operations, in which case Forte will be
given an opportunity to assist in placing the stock so that any sale is
conducted in an orderly manner.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement:This news
release contains forward-looking statements that are based on the
Corporation's current expectations and estimates. Forward-looking
statements are frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate",
"suggest", "indicate" and other similar words or statements that certain
events or conditions "may" or "will" occur. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ materially
from estimated or anticipated events or results implied or expressed in
such forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans to continue
to be refined; possible variations in ore grade or recovery rates;
accidents, labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals or financing; and
fluctuations in metal prices. There may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. Any forward-looking statement speaks only as of the date on
which it is made and, except as may be required by applicable securities
laws, the Corporation disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements are
not guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent uncertainty
therein.